Pakistan takes major step forward in digital payments

Co-badged solution to enable customers to transact seamlessly in country, abroad

KARACHI:

State Bank of Pakistan (SBP) Governor Jameel Ahmad has welcomed the launch of the HBL, UnionPay International and PayPak co-badged debit card, describing the partnership as an important milestone in Pakistan's journey towards a modern, resilient and inclusive digital payments ecosystem that supports the vision of a "Cashless Pakistan".

Speaking at the launch ceremony, the central bank governor said the co-badged payment solution would combine the strength of Pakistan's domestic payment infrastructure with the international acceptance of a global payment network.

"The initiative reflects the SBP's long-term vision for PayPak – to establish a secure, cost-effective and locally governed payment scheme capable of supporting the country's growing digital economy while enabling customers to transact seamlessly within Pakistan and abroad," he said.

Ahmad noted that the latest development was aligned with the SBP Vision 2028 and the Prime Minister's Cashless Pakistan Initiative, which sought to make the country's financial system more inclusive, more digital and more resilient.

Highlighting the progress achieved so far, the governor mentioned that Pakistan's digital payments landscape had continued to record strong growth. Over the past year, the volume of retail digital transactions increased from around 6.9 billion to nearly 12 billion, while the number of active merchants expanded from approximately half a million to more than 2 million.